Evening Star Newspaper, September 4, 1926, Page 24

C. & 0. EARNING WELL ABOVE 1925 Drop in Week’s Bank Clear- Ings in Some Cities—Local Financial Notes. BY EDWARD C. STONE. Farnings of the Chesapeake and ©hio for the first eight months of 1926 are well ahead of 19 says W. J. Harahan, president, who thinks re- turns for the last four months will cqual those of the same period last vear. He belleves about $22 a share will be earned on the stock this year. Some Bank Clearings Fall Off. Bank clearings continue to make quite a entisfactory showing. Total exchanges this week at all leading cities in the United States, as report- «d to Dun’s Review, are $8,132,169,000, an increase of 0.4 per cent. The week this yvear includes only two days of the heavy September st settlements,! whereas a year ago there were three fays. Furthermore, bank clearings a vear ago were record figures for that period. At New York City clearings this week amount to $5,012.000,000, an increase of 2.4 per cent over last vear's, while at leading centers out- side of New York the total is $3,120, 169,000, a decline of 2.6 per cent. Of these 22 outslde cities there are 14 showing decreases and 8 in which the clearings this week are larger than they were a year ago, the latter including Boston. Pittsburgh, Detroit and some of the Paciflc Coast centers. Large Holdings by Employes. The value of stock holdings by em- ployes throughout the country has been placed at more than $700,000,000 by the industrial relations section of the department of economics at Princeton University. This is re- garded as a conservative figure, de- rived mainly from companies having ® definite employe stock-selling plan. The American Telephone and Tele- graph Co. Is listed as the one hav- ing the greatest employe ownership and is credited "vith $170,000,000 of ity stock in the hands of its own work- ers. The United States Steel Cor- poration comes second with £100,- 000,000, the figure then dropping to $41,750,000, which is said to he the| value of its stock owned by em- ployes of the Flelschmann Company. Local Trade Gratifying The latest review of banking and trade conditions in the fifth Federal TNeserve is highly gratifying, one point of special interest being that 31 department stores in this terri- tory reported ba‘ter business in Mid- summer this vear than last, sales reveallng 4 gair ¢ over 3 per cent. Rising deposits and volume of bank- ing transactlons Ind'cate continued progparity The Increase in tha prices received for tobacco from 22 cents a pound At the opening of the market on Au- | gust 10 1o figures above those of &ny recent year is pointed out hy the Federal Reserve Bank as con- stituting perhaps the most important element in the improved outlook. It is stated that, “in spite of the lower vields of tobacco this vear, it appears llkely that the money re- urng to growers may exceed receipis from last vear's crops.” Announces War on Fraud. Eugene L. Thompson, head Crane, Parris & Co. the Investment Bankers' of America, reports that the organization is planning drive i salesmen & spectal handling 3. Davis, credited with driving 65 bu; shops out of Chicagn. will conduct the campaign, wnich will be Nation-wide. Investment houses all over the coun- try will be asked to lend their support %o the campaign. Membe the Wash ngton Siock Exchange and the District Banke-. Association are heartlly In accord with the movement, both of these orgmnizations having long ago :naugsruted movements of thelr own along the rame line Notes Fr:m Financlal District. Arthut J. Morrs, founder of the Morils bar . has been in the with Bertram Chester- of the local office, Mr. wan, manage i two vital fa Morris suys thers in character and the x Merger of the local offices of the Kardex Rand (o. Library Bureau and the . “has been consumu announce- ment by al man- ager, The Ly ssrooms are located at 143 Fifteenth street north west. and the executive offices ure in the Commerclal Nutional Bank Build- ing. The regulur bulle:in of the ubta Bankers' Associa printed form instead District . per- ger amount of information being earried. Charles 1. Dienelt of the Washing Loun and Trust Co. ix bhack ter a severe illness of sev B. Gwynn Dent. assistant cashier o Riggs Natlo| Bank, has ned to his d a vacation spent a prings Y. E. Booker Booker Co. 13 spending the week end and La- hor day in the viclnity of Norfolk. Bank Deposits Falling Off. Mooay's Weekiy Review clal Conditions say~ in part: “Money rates continue firmer. and this is especially true four to six months’ money. These rates mre rising faster than expected. even though it was expected that they would rise faster than in the typical Autumn “Bank deposits are sagging a little. while loan . even though Auvgust an active month in the banking business. Probably this menuns that on plans and optimism are ing loans and causing a little drawing down of de- , spite of the very good cur- t profits of business concerns. (he immediate position of tke etock market is hecoming doubt- ful. Bonas are neither strong nor weak. but mereiyv te: Probably a gocd policy now is to course—buying a diversified list of long, medtum ana short term issues.’ Recora of Week's Failures. The fallures in the United eased slightly this week, tot This is 11 more than the number reported last week and compares with 331 defaults a vear ago Fewer insolvencies oc- curred this week than last week in the East snd on the Pa c e but these ¢ offset increnses in the South 1. Of the current week's had liaoilities of more than £5.000 in each case which con- trasts nith 1% stmilar defaults last week and 164 4 year ago. Lo grow not failure: RETAIL TRADE BETTER. ATLANTA, . September 4 (Spe- rial).—Retail (r§de in the Sixth Fed- eral Reserve District for the first six months of 1926 was 6.8 per cent sreater than for the same period last vear. cording to bank reports. Re- 1afl malea in Atlanta for July were @ per cent greater than for July, now | of ! nd a member of | tors of the & of Finan- | ke 4 middle ! CONFIDENCE IN THE EVENING “STAR, WASHINGTO ISTOCKS' CONTINUED RISE SHOWS TRADE'S FUTURE No Over-Speculation Is Noted and the Public Has Not Rushed Into Market. BY STUART P. WEST. Special Dispatch to The Star. 3 NEW YORK, September 4.—The upward movement on the Stock Ex- change during the last week has been based upon confidence in the business future, and upon the continuance of easy credit conditions. There has been some discussion of a proected rafsing of Federal Resefve rates. The Philadelphia and Boston districts in particular have been men- tioned. This thought has had a sub- duing influence on the investment bond market, but it has had no in- fluence upon speculative stocks. It may be that the price of money is too low, that it ought to be adust- ed upward to correspond with the |large volume of general business | throughout the country and with the increased activity in Wall Street. Yet it has to be remembered that some of ,the biggest bull markets have gone on with a 6 per cent money rate. d Stocks’ Rise Orderl, 1f money were to be established at this level it should not be more than | temporarily disturbing. At the mo- ment, however, there are no signs of a { higher money market. Time loan | quotations are up as compared with | two months ago. Call funds are about the same, and with the completion of the September 1 settlements, the rate has fallen from 5 to 4}z per cent. There has been no over-speculation to induce a raising of bank rates as a protective measure. Stocks have gone up in an orderly way, partly as the result of genuine investment buy- ing and partly in consequence of pro- fessional operations based upon the knowledge that present holders are not_anxious to sel!. No in-rush of ‘he public has oc- curred the way it did in the Autumn of 1925, Therefore, despite the rise in prices and the numerous high rec- ords made, no strain has occurred upon credit. The Federal Reserve ratio, around 74 per cent, ix down considerably from the early part of the vear, but it compares favorably with the ratfo, close to 40 per cent, in November, 1919, which impelled the reserve banks themselves to put up their rediscount figures. Ctility Issues Strong. So far as money conditions are con- cerned, it does not appear, therefore, that there s any likelihood of a check from this quarter. The higher-grade rails have been going up on their in- vestment merits, plus their anticipa- Oils Get More Attention. utility issues have been strong and so have varlous industrial specialties. A good deal of fresh buying has come into the oils on the strength of the latest statistics showing that the oil companies had to draw more freely upon reserve supplies during July than they did in the month before. {able, indicating a continuance of spe- clal buying operations in individual stocks, along the lines which have been pursued for the last two months. In the case of the railroads there is the double incentive of dividend in- creases and merger deals. In the case of the industrials there is the prospect of higher dividends. Stocks are going up now, primarily on asset values. The statement of George F. Haker, chairman of the First Natlonal Bank, that there was no reason to anticipate in the near future anything unusual in United States Steel stopped the ad- vance in the stock, but brought about no important reaction. The reason was that everybody realized that United States Steel is an asset prop- osition and not a dividend proposition and is bound eventually to show fits worth under the foreign category. Forelgn Currencies More Stable. The speculation has gone out of the forelgn exchanges. It is recognized that the effort is to stabilize French francs, Relglan francs and Itallan lire around the present levels and not to encourage much of an advance, be- cause this would be disturbing to industry. French cities’ bonds reached new high prices during the week and French and Italian governments held around the top fizures. Thiz was to be accepted as a sign of hope that the new fiscal measures would prove enough of a success to attract addi- tional American credits. In the case of France this cannot happen until the war debt question is disposed of. In the case of Italy the announcement that the paper currency is to be out 2,500,000,000 lire through the introduc- on of more silver coin into the Ital- jan currency has been impressive in International banking circles The commodity markets have been influenced, as they usually are at this season of the year, by weather conditions. Fistimates of the cotton crop vary widely and unusual inter- est attaches to the next government report. The expectation is that this will show considerable deterioration, but will leave the total well above the average. [tlons of dividend Increases. Public IRAIL SHARES' RISE FEATURE IN STOCKS Labor Day Week Sees Activ- ity—Industrial List Move- ment Confused. By the Associated Pre: NEW VORK. { Scrength and activity of the rafiroad | shares, a score of which mounted to new high levels for the ¥ several to the highest prices ever recorded, overshadowed all other developments in this weel's+stock market. It was the nearest approach tc an old-fash- foned “raflroad market” that Wall street has witnessed since the begin- I ning of the World War, and was un- { usual, too, in that it started in Labor fday week, traditionally a period of quiet trading and indecesive price movements. Heavy buying of the railroad issues was Inspired by the publication of a sjes of record-breaking July earn- statements. coincident with Au- trafic reports. which exceeded wrevious loadings for that month. aroused hopes of special glividend s by many carriers which are now earning two to four times their annual dividend requircments. Atchison, Chesapeake and Ohlo and outhern Raflway established new | high reconds for all time, while Balti- | more and Ohlo. Union Pacific, Dela- ware and Hudson, New York Central and several others sold at thelr best 1 i in vears. The average of 20 leading railroad issues was at the hizhest level since 1913, In the industrial list the price move- ment was considerably more confused, due to the operations of opposing | peculative forces. Fears of stiffer | money rates were allayed when call loans were marked down from b to 413 Iper cent on the first of the month, I and a shading took place in the longer and commercial paper. s a revival of unconfirmed rumors, however, that an early in- se would be made in the Phila- hia and Boston Federal Reserve " redisconnt rates. Further liquidation of United States mon took place on public: Ition of an interview teorge F. Baker, veteran hanker and a director of that corporation, intimating that no stock dividends would be paid this {vear. The stock turned upward 3 terday, however, on predictions of a {large increase In August unfilled or- ders and reports that the is now operating around $3 per cent of capacity. Railroad equipment stocks again were bought heavily on the prospect of large e-ders this Fall Ofls developed # temnorary out- burst of strength on buying influenc- ed by reports of large current earn- ings, merger rumors and record-break- ing gasoline consumption. A short- lived rally also took place in the cop- per group on the theory that a pro- pored stabilization of French, Belgian | and Halian currencies would result in jan increased foreign demand for the red metal. September 4.—- | g ROADS PAY HUGE TAXES. NEW YORK. September 4 (#).— Between & and 7 cents of every dollar collected by the raflroads during the vear will be paid out in taxes at the rate of a million dollars a day, says u review by Dominick & Dom- inick, members of the New York Stock Exchange. Since 1920, it states, every other single item of operating expense has been decreased to a total reduction of about 20 per cent each vear. K increased 50 per same period. cent during the YLt g et BANK CLEARINGS GAIN. NEW YORK. September 4 (#®).— Bank clearings throughout the coun- try continue to make a satisfactory showing, R. 4. Dun & Co. reports. Total exchanges this week were $8.132.168,000, an increase of 0.4 per cent over the same period of 1 The week this year Includes only two days of the heavy September 1 s ttle- ments, whereas a year ago there were three days. Bank clearings a vear ago were record figures for that period. industry | Rallroad taxes. however. have EVERYMAN’S i INVESTMENTS BY GEORGE T. HUGHES. High-Grade Securities Ignored. High-grade railroad bonds and gilt- edge public utility obligations have heen almost entirely ignored by the average individual investor during the past few months. The return obtain- able on securlties of this class is not large enough to tempt those who are not restricted by law in the choice of their investments. The market for these securities has been supported al- most entirely by financial institutions, banks and insurance companies. Com- pared with anything prevailing in the past 10 years quotations nevertheless have been high and the income ob- | tainable correspondingly small. It is a question whether the smail buyer acts wisely when he passes by these bonds of unquestionabl secu- rity in the search of something that looks more attractive at the moment. The conservative course would be to have a proportion of one's funds in these high-grade obligations, and cer- tainly for the man or woman who has only a few thousand dollars to in- vest it is a mistake to overlook this part of the security fleld. For one thing it is doubtful whether there will be any substantial market price de- preciation in this group for a long !time to come. The same cannot be sald of the high vielding securities which are so popular nowad: While prices for first mortgage rail- road bonds may look high now, it is because during the decade since the war these prices have been abnormal- Iy low. At the beginning of the pres- ent century it was not uncommon for turn the purchaser less than 4 per cent. That day may come again, al- though, of course, predictions along that line are hazardous. Much de- pends upon the trend of commodity prices. If these continue to sag as they have been doing for a year or so past, high-grade bonds will be worth more money. TRADE IN BALTIMORE © DISTRICT HOLDING UP | Steady Demand for Goods Noted. | Trend of Prices Still Downward. ' But Checking Its Pace. ! Spectal Dispatch to The Star. | BALTIMORE, September 4. - Iall }tmd; in the Baltimore district has opened in & manner that augurs well for business during the remaining months of the year, say leaders of in- dustry. There is no rush to buy | goods, but a steady demand, which is | sufficlent to absorb output. The trend of prices is still down- | ward, but not as pronounced as it was a few weeks ago. Manufacturers be- lieve the stabilization point has near- Iy been reached. Overhead has been reduced in most plants, and this proc- ess has in a_ measure offset lower prices received for merchandise. Industry generally occupies a com- { fortable financial position. and is able to finance its needs without assistance {from banks. This is one of the most encouraging features of the situation. | AUTUMN OUTLOOK GOOD. | st amma 1Aspect More Definitely Construc- tive, Dun’s Review States. | NEW YORK. September 3.—Dun’s savs the closer approach of a turn in seasons gives added interest and im- portance to commercial movements. Nothing in this week's reports has altered the favorable outlook for Autumn. and in some respects the in- dications are more definitely construc. tive. Such is the sitnation in the great steel industry, which for some |time has been making a remarkable | vecord and which holds the promise now of a further expansion of activ- ‘ity. Demands in that quarter, coming from the railroads, the automabila and |bullding trades, ' and from other | sources. keep miil schedules at an un- | usually high level for this period of I the vear, and even larger operations |are confidently looked for. The same degree of vitality does not exist in {every branch of business. vet condi. tions, in the mabn, are unmistakably | strong, and recovery is under way In |certain_lines where depression has prevalled. Weekly bank clearings were §5,132,169,000. The stock market outlook is favor- | the best of these bonds to sell to re- | EGG VALUES FIRM INGENTER MARKET Apples and Peaches in Heavy Supply—Easier Condition in Butter Trade. Centinued firm condition of the egg market and an easier condition of the butter market were - week-end fea- tures of the wholesale trade that in- terested merchants. High egg prices means much to the trade, it is stated, numerous other commodities seeming to be affected by prices of the product of the hennery. Candling losses were reported un- usually heavy during the heated period and probably would have been much greater had it not been for the hearty response of farmers to advice in the matter of gathering and caring for eggs during the Summer season. Packers have about the usual quan- tity of eggs in storage this season. Should prices continue to advance, it it stated, packers may open the doors of their houses and put their product on the market earlier than usual. Butter prices have continued firm the past several weeks, fluctuations being very slight, and dealers have anticipated an increase early next week. Latest information from the butter centers, however, told of an easfer condition of the market, and the anticipated increase may not ma- terialize. Spring Broilers Lower. Appreciable decrease in the prices of Spring brollers were noted during the week, due, it is stated, to largely increased receipts without an accom- panying increase in the demand. Poul- try dealers have continued to receive shipments of turkeys through the entire Summer season, the king fowl being in demand for salad and sand- wich purposes. Municipal Fish Market continues to present the scene of a watermelon country, the melons being piled high both in and outside of the houses. Prices ranged all the way from a nickel to a quarter., Next week deal- ers will be given thought to the ques- tion of making preparations for the opening of the oyster season, the season for tonging oysters in Mary- land and Virginia opening September 15. Liberal supplies of cantaToupes from the Eastern Shore of Maryland, Delaware and Colorado, have result- ed in weakening the market. Ltbl:rnl shipments of honeydews from New Mexico are finding ready sale at a wide range of prices, according to size and quality. Slow trading in honey balls at $1.25 and $1.50 was reported. Peaches Flood Market. Peaches from Maryland, Virginia and Delaware continue to flood the market and light demand has weak- ened the market. Prices ranged for some in poor condition at 50 cents to choice stock at $1.75. North Carolina, Virginia and the Castern Shore sweet potato growers are supplying the local market. Bar- rel stock were quoted at $5 and $5.50 this morning, bushel hampers sell- ing at $1.50. Apples continue in such liberal supplies that the market continues dull. They have been so cheap the past two weeks that many growers have refrained from gathering crops. Receipts of pears have been light this week. Only light receipts of celery, cucumbers and corn were reported this morning, while receipts of let- tuce were reported as very light. Buyers were out early this morning to get thelr supplies in time to accom- modate those bent on week end out- ings. They found ample supplies of all foodstuffs at prices quoted at the close of yesterday’s market or less. Fruit and Vegetable Review. market report on fruits and (compiled by the Market News Service Bureau of Agricultural Economics) says: Apples—Supplies liberal;, demand slow, market dull: bushel baskets, Maryland and _Virginia, Wealthys, large size, 1.25; various varieties, medium to large size, 75a1.00; small size, 35a50; Virginia. bushel baskets, Fall Pippins, large size, fine condition, few sales, 1.30a1.40; boxes, Washin, ton, extra fancy, Winter Bananas, large size, 2 Cantaloupes — Supplies liberal; de- mand moderate, market steady; Mary- land, East Shore and Delaware, sal- mon tints, standards 36s, 0a1.7 few, 2.00; extra jumbos, 2.50; pon; flats 12s, 55; standard flats 12s, 75: jumbo flats 12s, 1.00; Colorado, pink meats, standard “flats 12s and 15 1.00a1.10; jumbo flats 12, 1.25; 9s, 1.00a1.15; honey dews, alifornia, standard crates 6s and 8s, 1.75a2.00. (Grapes—Homegrowns supplying the market for KEastern stock; home- growns, 6 basket crates, Delawares, No. 1, 2.00; Nlagaras, No. 1, 1.50a1.75; few lower. Lettuce — Supplies ligh! demand zood, market firm; New York, no sales reported; Colorado, crates Iceberg type, 5 doz., 10.00a11.00. Onions—Supplies moderate: demand light. market steady: Massachusetts and Indiana, 100-1b. sacks yellows, U. 5., No. 1. mostly around 2.25; Spain crates Valencias, 1.75. Peach Market Steady. Peaches — Supplies moderate; mand limited, market steady: land, bushel baskets Elbertas, large 81z 1.50a2.00; medium size mostly 1.; Virginia, sixes Elbertas, large size ripe, few decayed, 1.00a1.25; New Jersey, sixes Belles, fair condition, large size, 1.25. Potatoes — Supplies moderate; _de- mand moderate, market steady; New -pound sacks, Cobblers, de- Mary- Sweet ‘potatoes—Supplies moderat demand_fight, market fairly North_Carolina, cloth-top rels, Yellows, No. 1. 5.00a5.25, mostly Corn—Supplies moderate; demand moderate, market slightly weaker; homegrown, sacked, per dozen sugar corn, 20a30, mostly around Caulifiower—Supplies limited: mand moderate, market steady: orado, crates, 2.25a2.50. Cucumbers——Supplies moderate; de- mand moderate, market steady; New York, bushel baskets, fancy, 1.75a2.00. Pears—Supplies moderate; demand moderate, market firm; California, boxes, Bartletts. mostly 3, Celery — Supplies 1igh light, market Steady: New crates. mostly 2.50. Peas—Supplies light: demand mod- erate. market steady: Colorado, 50- pound crates, Telephone, 7.00. de- Col- demand York. 2-3 TOBACCO MERGER TERMS. NEW YORK, September 4 (#).— Terms of the proposed merger of Philip Morris & Co.. Ltd., and Conti- nental Tobacco ('o. have been sent to stockholders by Philip Morris Consoli- dated. Inc., which plans to take over the two companies. Authorized capi- tal of Philip Morris Consolidated, Inc., will consist of 300.000 shares of class A par, cumulative from Feb- ruary, 7 per cent annually, and 1,200,000 shares of no par com- mon, of which 425,000 shares have been issued to present stockholders. Holders of Philip Morris & Co.. Ltd. and Continental Tobacco may e: change their shares on the basis of one-half share of the new stock and one share of commen for each share now held. C., SATURDAY, SEPTEMBER 4, 1926 |Wall St. Deserted As Bankers Leave For 3-Day Holiday ssociated Press. . NEW YORK, September 4.— Wall Street resembled a deserted village today because of the wholesale exodus 'of bankers, brokers and their employes for a three-day recess over Labor day. The New York Stock Exchange, New York Cotton Exchange and New York Curb, Market were closed. Banks were required to keep open for the usual Saturday half { holliday, but they were manned with skeleton staffs for the trans- action of routine business. COTION IS QUIETER BEFORE HOLIDAY Evening Up of Commitments Before Federal Report Noted in Trading. By the Associated Press. NEW TYORK, September 4.-—The cotton market has been comparatively quiet during the past week, with fluc- ! tuations more or less irregular. The usual disposition to even up commit- ments in advance of a Government crop report has probably been in- creased by the uncertainty of weather developments during adjournment over Labor day, and the bulk of trading has been attributed to the transferring of long contracts from near to late months or to the reduc- tion of outstanding accounts. Opera- tions of the latter description have been reflected by alternating spurts of covering or liquidation, and after hav- ing sold off from 18.12, the high point of the previous week, to 17.47 on Mon- day, December contracts rallied to 17.95 on Tuesday. This improvement was not main- tained, however, owing to the grad- ually improving character of the weather news from the South, and toward the end of this week the mar- ket was rather unsettled by near- month liquidation. The latter was accompanied by rumors that consid- erable cotton was to be shipped here i from the South for delivery on con- tract next month, and the price of October contracts, which had been holding about even with December, went to a discount of some 15 to 17 points during today’s trading. The relatively ¢asy ruling of the near months probably contributed to the reactions late in the week, but was regarded as the working out of a technical position, and traders gen- erally were looking forward to the Government crop report of next week and further weather developments to establish the general trend of values. Some 10 or 12 of the private end- August crop reports had been pub- lished up to the close of the week with the condition figures ranging from 54.4 to 63.4 and averaging 59. Private crop indications have ranged from 13,900,000 up to 15,522,000 hales and averaged about 14,6X1,000. These figures were regarded as emphasizing the uncertainty of the Government's showing in the report of nmext Wed- nesday and also as reflecting the wide differences between individual views as to the probable ultimate outcome of the crop, which is still believed to be more than usually dependent upon later season weather developments, ADVANCE IS CHECKED IN BUTTER MARKET | Stocks Show Tendency to Accumu- late—Loss of the Firm Tone Is Noted. By the. Associated Press. CHICAGO, September 4.—The out- standing development on the butter market during the week was the dis- appearance of the tone which pre vailed the previous week. Except for this and the net decline of ahout 1 cent at Chicago, there was nothing to differentiate the course of the market from that followed in recent weeks. At the opening the firmness was still in order and price advances oc- curred on all markets. Following this, however, the fiymness began to dis- sipate itself. ice advances were halted and the situation became pro- gressively steady and then easy as the week advanced. Buying generally was slow and stocks, which at no time appeared e: cessive, showed some tendency to a cumulate. o price changes resulted from the situation except at Chicago. The loss of the firm tone was not re- garded as indicating any fundamental change in the market situation, but rather normal reaction to the previous week. The possibility that the higher prices prevailing last week might re- sult in heavier withdrawals from stor- age by distributors who preferred to take some profits on stocks in storage rather than to purchase fresh goods for their immediate needs on the open market apparently materlalized to some extent throughout the week. Withdrawals exceeded the into-storage movement. This no doubt tended to reduce the outlets for fresh arrivals, and so may in part account for the {light demand. But at the same time it had effect on further strengthening the storage situation. ‘With into-storage movement in Au- gust considerably lighter than last year and thus far in September, at the four markets at least, decreases in- stead of increases occurred. The stor- age situation has improved consider- ably, and is now a strengthening factor. s PLAN $100,000,000 BRIDGE Span Across San Francisco Bay to Cost Huge Sum. NEW YORK. September 4 (#).— Interest has been aroused in Wall Street by plans to build a bridge across San Francisco Bay between San Franeisco and Oakland, involving financing estimated at $100,000.000, hearings on which are heing conduct- ed by the board of supervisors of the city and county. The financlal plan calls for $60,- 000,000 of 6 per cent bonds and $40 000,000 preferred stock. About projects are being forwarded. DIVIDENDS. Period. Rate. Pasable. nf Q $I.75 Oct 15 vt A 8% Stock of Cor, Allia Chaim tocar Co ok Gen Ry Siz. Do. pt. SCHOOL DAYS GIVE RETAIL TRADE PROD Outfitting of Youth for Col- lege Big Factor in Busi- ness at This Time. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, September “School days.” sung to the accom- paniment of clanging cash registers, has become the favorite musical composition of merchants all over the country. The outfitting of school and college students became dominant feature of retail trade this week and will continue to exert a tremendous influence for a fortnight to come. The keenest effect naturally was felt in the apparel trades. Cloth- ing of various sorts will be bought for between twenty and twenty-five million youngsters by September 20. This will involve the expenditure of more than a hundred million dol- lars. It is estimated that about seventy-five million pairs of shoes are needed for school children each- Fall and Winter. Shoe factories al- ready are engaged in preparing to meet these requirements. While this added demand has made itself felt in all parts of the Nation it has been specially noticeable in the country districts, where harvest money is being distributed and pur- chases have been liberal. Many mer- chants were able to take full ad- vantage of the trend today, since the Saturday clesing rule in most cities extended only throughout August. Sporting Goods Sales. The approach of Labor day of the Summer holidays, gave a final fillip to sales of eporting goods and resort clothing. The Fall activity has been preceded this week by fur and garment bargain sales, the result of which merchants declare were highly satisfactory. It was noticeable that the more expen- sive fur garments were in greater de- mand than the cheaper coats, Sales of pelts for trimming purposes have been exceedingly heavy. Industrial activity continued at a high rate throughout the country up to the holid: and schedules in some lines necessitated working right up to Saturday night. Steel production is being maintained at an exceptlonal rate, with current orders coming in steadily. The auto- mobile industry is speeding up as new models are taking hold, but care is{ being utilized that dealers shall not be swamped with an over-supply of cars. The oil industry continues one of the mainstays of the steel mills, but the growth in production has been fol- lowed by one or two minor price cuts in erude. Rallway carloadings show no signs of slackening, and there is every in- dication that rallroad earnings will be larger this month than in either July or August. Million-car weeks are ex- pected to continue. The fers will shortly begin to feel the revival of de- mand for both bituminous and anthra- cite coal. Machinery Demand Good. The demand for machinery by va- rious industries and public utility companies is acting as a_sustaining influence in the markets for non-fer- rous metals, especially copper. Many hydro-electric and steam generating plants are being rushed to completion before Winter, and the electric equip- ment concerns are working at top speed. ’ The textile situation has shown de- cided improvement in the last few days. The mills of the South are speeding up under pressure of new business and the New England manu- facturers are squeezing out a margin of profit in many instances which has not existed during the Summer. The silk mills are encountering increased demand and governing output accord- ingly. The Canadian wheat crop is still a potent factor in the affairs of the American farmer, but the millers of this country have been absorbing spot grain at a remarkable rate, and for- eign demand shows some signs of im- provement. WALL STREET BRIEFS NEW YORK, September 4 (®).— Operations in the steel industry 44— a; on the common. i { throughout the country have taken a sharp jump, the average being above 83 per cent of capacity, compared with about 79 per cent two weeks ago. Ingot preduction of the United States Steel Corporation is reported materinlly_above 85 per cent. while Republic_ Iron and Steel, Bethlehem Steel and Youngstown Sheet and Tube each has increased its activities. Ship- ments by the United States Steel Cor- poration in August probably were 2,000 tons more daily than in July. A chain of retall service stations extending from San Diego, Calif. to Vancouver British Columbia, is planned by the California Petroleum Corporation at an investment of about 000,000. ! General Motors Corporation sold 1,113,065 cars and trucks in the manu- facturing year ended July 31, a new high record, which compares with 743,402 units in the previous record year ended July 21, 1924. A gain of 73 per cent was shown over the vear ended July 31, 19 An order for 4,000 tons of cast iron pipe has bheen received by United States Cast Iron Plpe and Foundry Co., from East Hartford, Conn. 1 Financing under consideration by Consolidated Clgar Corporation to ac- quire G. H. P. Cigar Co. of Philadel- phia now is understood to call for a $10,000,000 issue of 6 per cent notes convertible into common stock at §100 a share, and 55,000 shares of common The lumber business of the country is still improving, says the National Lumber Manufacturers’ Association. Softwood mills, in the week ended August 28, reported a considerable in crease In new business over the weelk before, while both shipments and new | business were better than a year ago. | Net income of the Lehigh Valley Railroad for the first seven months this vear, $4,022,000, was equal after preferred dividends to $4.06 a share on the common, or nearl sufficient for 14 months' dividends. The annual rate is $3.50 a share. The road's re- covery has been unusual since the end of anthracite mining suspension. There was a deficit of more than! $1,000,000 for the first two months' this year. e Ltd.. of | :ompanies | 26 for the | calent after 60 a share Mexican Petroleum Co., Delaware and its owned had net profit of $14.02 first half of 1926, equ preferred dividends to § Good crop conditions prevail in the territory of the Chicago and North- | western Railway, says Fred W. Sar.| gent. presiden has returned |are excellent. agriculture products as from,an inspection trip. (‘rops in the | foothllls of the Rockies in Colorado ! far West as Grand Island are good, o are the corn trops in lowa, eastern and southern South Dakota and Min- nesota, he satd. Lo the last| Thomas J. Fisher & Company, Inc. T Your Banker Knows. 1 When in doubt about a security | consult vour banker. It is equally as | much his interest as yours to protect | your savings. 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